# Housing Market Results

| Model | Dep Var | N | Countries | R² |
|---|---|---|---|---|
| M1: Z → Δreal HPI | d_rhpi | 851 | 23 | 0.020 |
| M2: age ratios → Δreal HPI | d_rhpi | 851 | 23 | 0.024 |
| M3: Z×KAOPEN → Δreal HPI | d_rhpi | 851 | 23 | 0.048 |
| M4: CA/GDP → Δreal HPI | d_rhpi | 851 | 23 | 0.011 |
| M5: OECD Z → Δreal HPI | d_rhpi | 851 | 23 | 0.020 |
| M6: Z + LE² → Δreal HPI | d_rhpi | 851 | 23 | 0.021 |
| M7: post-GFC Z → Δreal HPI | d_rhpi | 322 | 23 | 0.008 |

## Key Coefficients

| Model | Variable | Coef | SE | p-value | Sig |
|---|---|---|---|---|---|
| M1: Z → Δreal HPI | Z_1 | -13497.9713 | 11850.2277 | 0.2550 |  |
| M1: Z → Δreal HPI | Z_2 | 1275.5925 | 1575.7959 | 0.4185 |  |
| M1: Z → Δreal HPI | Z_3 | -33.3292 | 58.6242 | 0.5698 |  |
| M2: age ratios → Δreal HPI | old_dep | 6614.1812 | 3040.3803 | 0.0299 | ** |
| M2: age ratios → Δreal HPI | youth_dep | 11757.9563 | 3417.4285 | 0.0006 | *** |
| M3: Z×KAOPEN → Δreal HPI | Z_1 | -58424.5234 | 36794.9929 | 0.1127 |  |
| M3: Z×KAOPEN → Δreal HPI | Z_2 | 5912.7633 | 5153.8873 | 0.2516 |  |
| M3: Z×KAOPEN → Δreal HPI | Z_3 | -172.2208 | 198.1111 | 0.3849 |  |
| M3: Z×KAOPEN → Δreal HPI | Z_1_x_kaopen | 28571.7515 | 17583.0801 | 0.1045 |  |
| M3: Z×KAOPEN → Δreal HPI | Z_2_x_kaopen | -2929.3519 | 2453.8156 | 0.2329 |  |
| M3: Z×KAOPEN → Δreal HPI | Z_3_x_kaopen | 87.1718 | 94.0628 | 0.3543 |  |
| M4: CA/GDP → Δreal HPI | ca_gdp | 6.4251 | 29.6989 | 0.8288 |  |
| M5: OECD Z → Δreal HPI | Z_1 | -13497.9713 | 11850.2277 | 0.2550 |  |
| M5: OECD Z → Δreal HPI | Z_2 | 1275.5925 | 1575.7959 | 0.4185 |  |
| M5: OECD Z → Δreal HPI | Z_3 | -33.3292 | 58.6242 | 0.5698 |  |
| M6: Z + LE² → Δreal HPI | Z_1 | -16395.5388 | 12102.4871 | 0.1759 |  |
| M6: Z + LE² → Δreal HPI | Z_2 | 1704.9944 | 1618.8388 | 0.2925 |  |
| M6: Z + LE² → Δreal HPI | Z_3 | -50.2041 | 60.4758 | 0.4067 |  |
| M6: Z + LE² → Δreal HPI | life_expectancy | -3086.4210 | 2860.4405 | 0.2809 |  |
| M6: Z + LE² → Δreal HPI | life_expectancy_sq | 19.3707 | 18.1896 | 0.2872 |  |
| M7: post-GFC Z → Δreal HPI | Z_1 | 666.0378 | 13637.8932 | 0.9611 |  |
| M7: post-GFC Z → Δreal HPI | Z_2 | -118.2268 | 1761.7923 | 0.9465 |  |
| M7: post-GFC Z → Δreal HPI | Z_3 | 6.0045 | 63.5614 | 0.9248 |  |

*Controls: rgdp_growth, real_bond_10y, inflation, kaopen*